“Consumer protection is important to all of us,” Binance.com said in a statement. “We are ready to assist regulators from around the world and together find the optimal way to set a fair playing field.”
This move affects Binance.com – there have been no service changes on Binance.sg, the Singapore entity, a Binance representative said. Binance Asia Services, which operates Binance.sg, recently submitted a license application and is currently exempted from holding a license for the provision of digital payment token services, according to the Monetary Authority of Singapore. That application remains under review.
The MAS said on Sept. 2 that Binance may be in breach of the act for carrying on the business of providing payment services to, and soliciting such business from, Singapore residents without an appropriate license. As a result, it was required to cease providing payment services to Singapore residents.
See also: Crypto exchange platform Binance.com on MAS's Investor Alert List
Binance also said Sunday that it is not operating any official Telegram or online communications channels in Singapore and that it is committed to working constructively in policy making “that seeks to benefit every user.”
